Currently, YouTube Live features a small handful of streaming events - some of which are scheduled for the future, with only two live streaming events available at the time of writing this post. Neither of the two live streams worked (IPL Cricket and Wild Africa) and instead linked to the respective Youtube channel for these pages, which only had pre-recorded videos on it.
If YouTube is aiming to build off its successful video-on-demand platform with live streaming television, it has a far way to go before it can begin to compete with many of the varied live stream providers. Moreover, it appears that YouTube Live may only be available to certain publishers currently as a means to prevent the copyright infringement that seems to plague sites like Justin TV. How YouTube Live will progress and remain profitable for Google remains to be seen.